Formalities for a death claim

When a person with a life insurance policy — called a life assured — dies, a claim intimation should be sent to the insurance company as early as possible. The assignee or nominee under the policy can do this. So can any close relative or the agent who handles the policy.

The claim intimation should contain information like the date, place and cause of death. The insurance agent has the duty to help the life assured’s family/assignee to deal with the insurance company to fulfil the formalities for a claim.

The insurance company will respond to this intimation and ask for the following documents:

    Filled-up claim form (provided by the insurance company)

    Certificate of death

    Policy document

    Deeds of assignments/re-assignments, if any

    Legal evidence of title, if the policy is not assigned or nominated

    Form of discharge executed and witnessed

Other documents such as medical attendant's certificate, hospital certificate, employer's certificate, police inquest report and post mortem report could be called for, as applicable.

Formalities for a maturity claim

When a life insurance policy is maturing, the insurance company will usually send intimation to the policyholder along with a discharge voucher at least two to three months in advance of the date of maturity, giving details like the maturity amount payable. The policyholder has to sign the discharge voucher, have his signature witnessed and send it back to the insurance company, along with the original policy bond, to enable it to make the payment. If the policy has been assigned in favour of any other person or entity — such as a housing loan company – the claim amount will be paid only to the assignee who will give the discharge.

Source: IRDAI

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